Search for...

Romanian Bware Labs raised a €6M Series A to encourage the blockchain ecosystem to grow

Romanian Bware Labs
Image credit: Canva
, ~

Bucharest-based Bware Labs, which offers a blockchain API (application programming interface), has raised over €6M in a recent Series A to keep scaling their solution. This news follows their first investment from last year of almost €1M.

As the need for a more varied blockchain space keeps rising, Bware Labs aims to try and make blockchain as decentralized as possible, without it depending on centralized node operators. For this, they developed a multichain API platform that allows businesses and developers to work with different blockchains. 

“Our unique positioning of performance-focused, decentralized API infrastructure provider, with an ever-growing supported blockchain list, has made us quite attractive for many big funds, tech projects, and other key builders in the space, as evidenced by the fact that our Series A investment round was, same as the seed round we closed in April 2021, heavily oversubscribed,” Anca Chirila, COO at Bware Labs, shared with The Recursive.

Bware Labs was founded almost a year ago by Flavian Manea as CEO, Alexandru Minulescu as CTO, Radu Enoiu as Product Manager, as well as Alexandru Catalin Filip, and Matei Popp. While the CEO has a background in robotics engineering, the CTO joined the project with his experience in computer science. 

Anca shared that the inspiration for Bware Labs came from a downtime event back in 2020 when the big ecosystem players couldn’t transact on the market. This inspired them to create a resilient infrastructure, one that was supporting as many blockchains as possible, targeting the ecosystem to grow.

Romanian Bware Labs

“While doing some research for this idea, we also noticed a lack of diversity in the current offerings on the market, meaning that only the bigger blockchains were supported, while developers on newer networks were left to figure out for themselves how to obtain API endpoints, an endeavor which can be either time-consuming or expensive, which we thought was a big hurdle and slowing down the development of web3,” she adds. 

Their solution is subscription-based and supports around 12 blockchain networks. Anca shares that their goal is to minimize the latency in all blockchain API transactions, their protocol ensures high availability and reliability of all data, and their overall target is to lower costs. 

Read more:  Belgrade hosts Tomorrow Conference to show you the future of Metaverse and NFTs

What is next for the blockchain startup?

With their blockchain philosophy based on “decentralization, and sparing no effort to optimize performance, and reliability of their offerings”, the Bware Labs team has already released a free tool for users in need of an API to access different blockchain networks. The tool comes with some restrictions, and it can be used here

Even in this alpha stage, with the mentioned restrictions, we already have a number of successful projects using our tech for their day-to-day operations in production, which makes us very hopeful for the adoption of our product once we release a more-complete version,” Anca adds.  

To keep developing their solution, they aim to increase the performance and the number of endpoints for every user. They will maintain the free tool, but also offer different subscription options that will cover development, operational, and analytics requirements for their endpoints. 

Once these objectives have been met, they will release the decentralized node model. Then, third-party node operators will be able to onboard on their platform and earn rewards from the users’ subscription fees. In parallel, they will keep increasing their blockchain portfolio.

>>> Discover 15+ blockchain startups from SEE you should know <<<

Help us grow the emerging innovation hubs in Central and Eastern Europe

Every single contribution of yours helps us guarantee our independence and sustainable future. With your financial support, we can keep on providing constructive reporting on the developments in the region, give even more global visibility to our ecosystem, and educate the next generation of innovation journalists and content creators.

Find out more about how your donation could help us shape the story of the CEE entrepreneurial ecosystem!

One-time donation

You can also support The Recursive’s mission with a pick-any-amount, one-time donation. 👍

Elena is an Innovation Reporter at The Recursive with 10+ years of experience as a freelance writer based in Bucharest, Romania. Her mission is to report internationally on the amazing progress of the local startup ecosystem while bringing into focus topics such as diversity in business cultures and women in tech; mental health, work-life balance, and the future. Of what? Everything! As a former solopreneur and a full-time mom, she strives to learn something new every day to share with the world. #nevernotlearning